Loan Servicing APIs
Designed to Handle Your Post-Purchase Calculation Needs
These APIs support the calculations needed after the payment origination has been established such as calculating refunds when refinancing a previous transaction.
Refund API
Ability to compute refunds for interest/finance charges, fees, single premium credit life, accident & health, involuntary unemployment insurance, accidental death, and dismemberment, property, and GAP insurance.
This API supports all common refund methods such as the sum of the digits (rule of 78's), actuarial, rule of anticipation, mean-between, and pro-rata. Multiple payment frequencies and loan types are also supported.
Payment Allocation API
Allocate a payment between interest, principal, late fees, NSF fees, and other transaction components as defined by the institution. This API calculates the remaining balance, interest earned, and can track uncollected interest and fees. Carleton supports a wide variety of interest accrual time-counting calendars, daily rates, and rounding methods to compute the applicable interest charge for each period.
Late Charges API
Compute late charges according to the rules defined by a state or institution. This API will support the statutory requirements nationwide for late charges such as "the greater of 5 percent of the unpaid installment or $15.00." The number of allowed delinquent days, minimum charges, and maximum charges can be configured by state, institution, and product level.
Non-Sufficient Funds (NSF) Charges API
Compute the non-sufficient funds charge according to state or institution-defined criteria. These NSF fees can be configured as a dollar charge and can also be tiered based on the payment amount.
